ServiceNow provides Element AI nugget to enhance its workflow management platform

California-based ServiceNow announced an agreement to acquire Canadian start-up Element AI. The amount of the transaction has not been disclosed and is expected to be completed in early 2021.

Inject AI into your platform
Element AI allows companies to use AI every day, such as collecting and summarizing relevant information from text, analyzing various content and conversations, making predictions and recommendations, optimizing their actions or automating tasks.

Therefore, according to ServiceNow’s press release, the purpose of this acquisition is to enrich its cloud computing platform dedicated to managing workflows, enabling people to “work more efficiently and simplify decision-making.”

“By leveraging the powerful artificial intelligence capabilities and ingenuity of Element AI, ServiceNow will enable employees to fully focus on areas that only humans are good at: creative thinking, customer interaction, and emergency management.This is a smarter way to optimize your workflow“Said Vijay Narayanan, ServiceNow AI Director.

Retain talents, not retain activities
A ServiceNow spokesperson said that ServiceNow will retain most of the workforce of the 500-person start-up company. Technology crisisTherefore, Yoshua Bengio, the co-founder of Element AI, a pioneer in deep learning, and researcher, will serve as a technical consultant for ServiceNow.

But the company will terminate the existing activities of young filming because it is interested in “Acquire technical talents and artificial intelligence capabilities”, Introduced in detail JF Gagné, the co-founder and CEO of Element AI, who also joined ServiceNow.

Make AI actionable
Element AI was founded in 2016 by AMTuring Award winner Yoshua Bengio and provides cutting-edge software solutions to help large organizations “make AI work” to drive business impact.

The startup has operations in the United States, Europe and Asia and has raised funds from major technology companies such as Microsoft, Intel and Tencent.The last financing of US$150 million was in September 2019, and its valuation was between US$6.00 and US$700 million. According to Technology crisis.

ServiceNow wants to build an artificial intelligence center in Montreal
Element AI is headquartered in Montreal, and ServiceNow aims to create a “new AI center” in the city in Canada to accelerate the development of innovation. The company already has technology development centers in Chicago, Hyderabad, Kirkland, San Diego and Silicon Valley.

Element AI is the fourth AI company that ServiceNow will acquire in 2020 after Loom Systems, Passage AI, and Sweagle for US$25 million, US$33 million, and US$58 million, respectively.